[PDF] - Eurobank Investor Forum June 2013 Contents Introduction Group PDF Document

SLIDE 1

Eurobank Investor Forum

June 2013

SLIDE 2

1

Group’s Profile…

Largest independent downstream Group in SEE, with Power & Gas investments

–

€10b Turnover with 14 MT of product sales

–

Leading domestic market position covering c. 60% of local wholesale market fuels demand

–

Regional footprint through subsidiaries and exports enabling coastal location of assets

Completed its transformational investment plan and competitiveness initiatives,

supporting significant cash generation improvement

–

Implemented a €2bn investment plan delivering €200m incremental EBITDA* on a FY basis

–

Transformation initiatives added €230m annual benefits with further upside of €70m

–

Assets allow upside potential on the back of refining margins and market growth

Consistent delivery of targets with tight balance sheet management

–

Achievement of strategic targets, despite Greek crisis & industry “black swans”

–

Completion of capex cycle allows deleveraging from higher than target gearing

–

Opportunities for value monetisation (DEPA/DESFA sale process)

–

Strong balance sheet post refinancing and €500m Eurobond issue

* At mid-cycle margins

SLIDE 4

Shareholding & Governance

Controlling shareholders’ agreement supported successful transition from state to private sector Group, divestment of remaining 35.5% held by the Greek State already announced

3

Shareholding structure

4% 36% 11% Int’l institutionals 7% Retail 43% POIH Greek State GR institutionals

Corporate Governance Board of Directors:

Consists of 13 members (4 executive and 9

non executive) appointed as per Articles of Association

Board Committees (Finance / Audit / HR)

Executive Committee:

Key management executives with

responsibility for strategy and operations

SLIDE 5

Assets overview

Core business around downstream assets with activities across the energy value chain

Refining, Supply & Trading Domestic Marketing International Marketing Petrochemicals Power & Gas

DESCRIPTION METRICS

Exploration assets in Egypt: West Obayed (30%),

Mesaha (30%)

Recently upgraded refining asset base:

– Aspropyrgos (FCC, 145kbpd) – Elefsina (HDC, 100kbpd) – Thessaloniki (HS, 95kbpd)

Owner of only refinery in FYROM
Capacity: 16MT
NCI: 9.3 /Solomon: 11.0
Market share: 65%
Tankage: 7m M3
Leading position in all market channels (Retail,

Commercial, Aviation, Bunkering)

c.1,900 petrol stations
29% market share
Sales volumes: 4MT
Presence in Cyprus, Montenegro, Serbia, Bulgaria
Significant advantage on supply chain/vertical

integration

c.280 petrol stations
Sales volumes: 1MT
Sole producer and main marketer in Greece with

strong export orientation

PP value chain integrated with refineries
Capacity (PP): 220 kt
Second largest IPP in Greece (JV with Edison/EdF)
Capacity: 810 MW

(CCGT)

35% in Greece’s incumbent NatGas supply company
Volumes (2012): 4.2bcm

Exploration & Production

4

SLIDE 6

Our Group in numbers – key financials (FY12)

Domestic Marketing International Marketing Petrochemicals Power & Gas

(1) Total sales (not consolidated at Group level) (2) Net income contribution (consolidated using equity method) (3) As consolidated (does not include associates), includes other business segments

ASSETS € Μ SALES € Μ EBITDA € Μ FTEs 2,691 10,154 345 2,666 566 2,781 12 568 274 1,087 41 418 144 371 47 190 646 2,3901 702 972

GROUP TOTAL3 4,350 10,469 444 4,051

5

Refining, Supply & Trading

SLIDE 7

6

Completion of transformational strategy 2007-12

Successful execution of Group strategy delivers projected profitability step-up

7

Group Growth Capex 2009-12 (excl. Maintenance)

€ million

>2bn Elefsina upgrade Thessaloniki upgrade BP ground fuels business acquisition Network development Growth in SEE

450

Historic Average Refining Assets Marketing Assets Portfolio Rationalisation Performance Improvement Medium Term

Adjusted EBITDA evolution (at historic mid cycle margins)

€ million 150-250 150-200 30-50 30-50 700-900

Capex driven Transformation driven

1 2 5

Upgrade Refining Assets Manage Portfolio for value Fit-for-purpose organisation

3

Enhance vertical integration

4

Improve competitiveness

OUR OBJECTIVE INVESTMENT PLAN

SLIDE 9

Structural step-up of operating profitability implemented despite challenging environment; transforming ELPE cash generation profile

450 200 70 700

FY12 Elefsina upgrade Performance Improvement Medium Term

Adjusted EBITDA evolution 2012-2014 (€ mil)

400

700
300

EBITDA Capex Pre Tax Free Cash Flow

Investment phase

550

150

700

EBITDA Capex Pre Tax Free Cash Flow

Post-upgrade

Cash Flow profile pre and post-investment plan* (€ mil)

8 (*): assuming mid-cycle margins

SLIDE 10

9

Elefsina Refinery Upgrade: 50% of production upgraded from Fuel Oil to Middle Distillates and Naptha

Solomon complexity raised to 13.9
All emissions significantly reduced (eg SO2 by 70% and PM by 84%)

Vacuum Unit Atmospheric Distillation Hydrocracker (UOP) Flexicoker (Exxon Mobil) Kerosene Sweetening New units, Sulphur, Amine, SWS Diesel Desulphurization LPG Naphtha Jet Fuel Auto Diesel Petcoke or Flexigas Sulphur Propane Heating Diesel Marine Diesel Light Ends Recovery Crude Existing Units New Units Hydrogen (Haldor Topsoe)

20kbpd 40kbpd

c.50% of CDU

utput

100kbpd

45kbpd

47% 24% 11% 11% 17% 25% 64% Pre upgrade Current

Other Jet Diesel/Gas oil Fuel oil

New refinery schematic Product slate

SLIDE 11

Transformation benefits

Maintaining focus on cost control and competitiveness generated €230m of additional cash benefits to date; medium target another €70m

Evolution of transformation initiatives (€m)

Group Headcount (FTEs)

21%

FY12 4.051 FY08 5.138

BEST80 savings (% over spent)

14 9 FY12 FY09

Group Fixed Opex

447 530 FY12

16%

FY09 163 125 +30%

Propylene production (kΤ)

10

75 100 Refining Excellence 77 2

Actual FY12 Actual 1Q13 Medium-Term target

65 80 Procurement (BEST 80) 67 2 44

4

60 Reorganisation & HR 48 44 60 Marketing competitiveness 47 3

SLIDE 12

466 526 458 506 301 357 233 254 7 61 117 130 190 7.3 7.22 7.07 6.77 3.74 4.38 2.87 4.7 100 200 300 400 500 600 700 800 2005 2006 2007 2008 2009 2010 2011 2012 EURm

11

Group adjusted EBITDA (€m) vs benchmark FCC cracking margins ($/bbl) Benchmark FCC cracking margins Contribution from transformation initiatives

Transformation benefits

Implementation of transformation initiatives supported Group results through a period of weak margins and Greek crisis

SLIDE 13

12

Strategy 2013-2017

Business strategy focuses on operational improvements, risk management and cash flow maximisation

Operational Excellence

– Optimize South hub refining operations – Adapt Domestic marketing to current environment – Maintain competitiveness improvement momentum

Rebalance exposure to Greek market

– Grow trading capabilities on the back of refining assets – Develop regional footprint strategy (wholesale/retail)

Leverage business portfolio

– Maximise value out of 35% participation in gas incumbent (DEPA/DESFA) – Optimise value generation for all our businesses

Develop our people and continue to build

culture of excellence

Business Priorities Financial Targets

Improve profitability

– Achieve medium term EBITDA of €700m pa – Deliver €200-350m FCF pa

Deleverage Group

– Reduce Debt/EBITDA < 2 within 3 years – Decrease gearing to D/E < 0.75

Diversify funding mix

– Increase capital markets participation – Expand trade financing

SLIDE 14

13 13

Refinery assets: Coastal location supports integration and provides growth

pportunities in neighboring markets offsetting weak Greek market

Coastal location of refineries ensures wide crude oil sourcing

ptions

Cost advantaged to supply SEE/East Med markets with end- products Opportunities for regional consolidation and synergies on logistics footprint

ROMANIA TURKEY BULGARIA SERBIA CYPRUS FYROM GREECE ALBANIA BOSNIA MONTENEGRO

Refining Marketing Power & Gas

11.0 8.1 7.3 11.0 13.9 7.0 Aspropygros Elefsina Thessaloniki

NCI Solomon

Nelson/Solomon complexity – benchmark margins ($/bbl, average 2011-12)

5

3

4

SLIDE 16

15

Refineries complexity upgrade impact on the Group’s crude and product slate

26% 15% 32% 45% 9% 8% 23% 21% 10% 11% Pre upgrade Current

Other Gasoline Jet Diesel/Gas oil Fuel oil

15% 11% 10% 0% 75% 89% Pre Upgrade Current

High sulphur Medium sulphur Low sulphur 47% 24% 11% 11% 17% 25% 64% Pre upgrade Current Other Jet Diesel/Gas oil Fuel oil

Crude slate — Group-wide Product slate — Group-wide Crude slate — Elefsina Product slate — Elefsina

41% 59% 100% Pre upgrade Current

High sulphur Medium sulphur

SLIDE 17

Aviation & Bunkering C&I (Construction, wholesale) Retail

16

Greek petroleum market overview and route to market

HP enjoys leading domestic market position with high vertical integration and good logistics assets

3rd party Imports 60-65% 25-30% 0-10% Greek Refining capacity: 25MT Domestic market: 12.5MT

ELPE Group subsidiaries: 3.5MT (30%) MOH Group subsidiaries: 2.5MT (20%) Independent marketing companies: 5MT (40%)

ELPE exports: 7MT

3rd party exports: 5MT

16MT

ELPE Group subsidiaries: 2MT

24% Other 5% Bunkers 25% Jet 7% Gasoil 21% Diesel 18% Gasoline

Greek market product breakdown

Specialty markets (PPC, public sector): 1.5MT (10%)

SLIDE 18

17

Greek Refining, Supply & Trading economics

USD based value chain with significant trading returns complementing refining; export sales expected to exceed 50%, with domestic market premia accounting for less than 30% of EBITDA

Markets (sales premia varying across channels) Refining (Med benchmark returns & operations performance)

Refined Products (16.0m MT) Imported Products (1-1.5m MT)

Aviation & Bunkering (Med competitive pricing) Exports, Intra-Group (Platts Med FOB based + premia) Domestic market (Import parity pricing)

6 MT 3 MT

Exports, 3rd parties (Platts Med FOB based)

2 MT 5 MT

Aspropyrgos NCI 11.0 145kbpd FCC Thessaloniki NCI 7.3 95kbpd Hydroskimming Elefsina NCI 8.1 100kbpd HDC

16 MT 1-1.5 MT

$ / €

Total ELPE capacity

SLIDE 19

Contribution per business and refining volumes breakdown

Reliance on Greek market significantly reduced following Elefsina upgrade

18 23 9 8 23 46 17 Total 60 Export trading 5 PetChems International (trading & marketing) 9 Aviation & Bunkering (trading & marketing) Domestic market (trading & marketing) Refining

Group “see-through” EBITDA breakdown – pro-forma post upgrade (%)

Dependency on Greek market None Low High

Refining sales volume breakdown – pro-forma post upgrade (%)

33% 17% Exports 50% Aviation & Bunkering Domestic market

Public sector sales accounts for c.4% of domestic market (1.5% of total sales)

SLIDE 20

19 19

Refined Oil products balances 2000-2025f

million tonnes / year

Regional market

Increased middle distillates yield leveraging on regional market dynamics

30
25
20
15
10
5

5 10 15 LPG Naphtha Gasoline Jet/Kero Diesel Gasoil LSFO HSFO Balances, Mt .

2000 2005 2010 2015 2020 2025

Surplus Deficit Source Wood Mackenzie, 2012

Group product balances 2011-2013 pro forma

million tonnes / year

MD Naphtha FO MOGAS 2011 2013 Pro forma

LONG SHORT

32% 10% 37% 20%

Domestic Oil products demand 2008-2012

million tonnes / year

Top European markets with expected demand increase (2013-2022) - mil MT

Source: Wood Mackenzie, Feb 2013

2011 9.239 2010 10.125 7.690 2012 2008 10.832 2009 11.413 2 4 6 8 10 12 SER SLV HUN ROM BEL CZ BUL GR TUR NL UKR POL

SLIDE 21

1,175 1,078 1,041 982 1,170 1,108 981 949

2009 2010 2011 2012 EKO HF

20

Marketing

Leading position in the Greek market enhanced following BP Greek business acquisition; diversification in other SE European markets increases downstream integration

Autofuels domestic market share evolution (%) Domestic Retail network evolution (# PS)

2,345 2,186 2,022 1,931

International Marketing: Regional footprint

29 15 2012 (post BP acquisition) 2008 (EKO only)

International Marketing: Sales volumes evolution (MT)

194 220 222 336 126 152 150 117 256 243 237 215 2010 1.051 436 2009 1.014 438 2012 1.072 404 2011 1.041 433 JPK SER BU CY 1,170

SLIDE 22

21 21

Petrochemicals

Operations centred on vertical integration for higher value product; trading shifted to exports markets

Position:

Only petrochemicals producer in Greece with

material presence

Domestic market share exceeds 50% in all

products, produced or traded

Strong competitive advantage in polypropylene -

vertical integration play

Exports account for 60% of total sales; strong

export markets in Turkey, Italy and Iberia Targets

Debottleneck propylene production
Exploit niche markets:

– Add new commodity plastics (PE) – Increase selectively PP resin grade portfolio – Increase selectively BOPP film types

Leverage regional positioning and in-market

presence to increase trading

Petrochemicals supply chain

(90 kt) Thessaloniki Refinery Solvents Plant (90 kt) Caustic/Chlorine Plant NaCI Imports Aspropyrgos Refinery BOPP Film (26 kt) PP Plant (220 kt) Propylene Splitter Imported Chemicals Distribution Centre M A R K E T

SLIDE 23

22 22

Power: second largest IPP in Greece; development of a renewable energy portfolio

Thisvi 420MW CCGT power plant

Elpedison, is a 50/50 joint venture between

Hellenic Petroleum and Edison, Italy’s 2nd largest electricity producer and gas distributor and subsidiary of EdF Group

–

Owns and operates 810MW of installed CCGT capacity: a 390MW plant in Thessaloniki and a 420MW in Thisvi

–

Energy market in Greece under restructuring; cost recovery model allows system stability and debt servicing in the short term

–

Active in power trading & marketing albeit with limited exposure due to market anomalies

Renewables portfolio target > 100MW

(wind, PV, biomass) subject to fiscal environment and market developments

Consolidated as Associate

SLIDE 24

23 23

Gas: 35% participation in DEPA, Greece’s incumbent gas company (in sale process)

DEPA –Long-term contracts on pipe gas (Russian & Azeri) and capacity rights on two in-bound interconnecting pipelines –Long-term contracts with power generators, eligible industrial customers and existing EPAs –Owns 51% of the local supply companies (EPAs), with rights until 2036 to sell gas to small industrial, commercial and all residential customers DESFA (RAB) –Greece’s gas grid and LNG import terminal owner and

perator

–Participates in South Stream and Interconnector Greece- Bulgaria pipelines

DEPA joint sale process with HRADF; at present evaluating
ffer by SOCAR for DESFA

DEPA snapshot financials (€m)

2008 2009 2010 2011 2012* EBITDA 240 166 211 288 287 Net Income 120 61 91 191 197 * Adjusted for settlement with PPC

Natural gas transmission network DEPA Volumes 2007-12 (bcm)

4,3 3,3 3,6 4,2 4,0 3,8 2007 2012 2011 2010 2009 2008

Consolidated as Associate

SLIDE 25

24

EUROBOND ISSUANCE

Successful execution of inaugural €500m issuance; benchmark transaction for Greek issuers with strong additional interest and reverse enquiries from investors

Demand by Geography

18% 27% 55%

Greek International private International institutional

Unrated, 4-year €500m issue priced on 29 April 2013
Standard Eurobond documentation structure with

listing in Luxemburg stock exchange

Books closed early (24hrs) due to strong demand at

€3.5bn, an oversubscription of 7 times

Significant interest from international investors,

exceeding 80% of order book

The transaction was arranged by Alpha Bank, Credit

Suisse, Eurobank, HSBC and National Bank of Greece

Follow up transaction over the coming 6-12 months

under review, aiming to reduce financing cost and increase USD funding

SLIDE 27

26

DEBT PROFILE

Successful refinancing consistent with communicated strategy. Funding and liquidity issues addressed; main remaining challenge is A-L currency matching. Drawn credit facilities by source breakdown (post Eurobond)

62% 6% 14% 18%

Greek International Supranational DCM

4-year, €500m DCM issued during May 2013
Funding base diversification and maturity profile

extension achieved with new €500m Eurobond and €605m Term Loans

Part of proceeds used to prepay €225m facility

maturing within 2013; balance to be used for further reduction of bank debt and crude supply trade finance

Agreed to extent €400m RCF maturing 2Q13 for

12+6 months

Further changes to funding mix will be evaluated

during the year, aiming to reduce costs and match currency exposure

Term lines maturity overview (€m)

Banking facilities

Roll-over for 12-18 months

SLIDE 28

27

DIVIDEND POLICY

BoD proposal for 0,15 €/Share dividend out of 2012 results covering statutory minimum; additional payout (interim 2013) to be considered later in the year EPS and DPS 2009-2012 (€/share)

* Dividend will be subject to witholding tax in line with legislation in place at the time of approval / distribution

Interim dividend for 2013 to

be announced on the basis of developments in 2Q-3Q: ‒ DEPA sale ‒ New tax law impact ‒ Financial performance

SLIDE 29

28

Key Milestones

Transforming stand-alone government controlled Greek companies to a leading private sector regional energy player

PETROLA

(Elefsina Refinery)

DEP & DEPEKY

(Greek E&P)

ELDA

(Aspropyrgos Refinery)

ESSO- PAPPAS

(Thessaloniki Refinery)

PETROLA

(Elefsina Refinery)

DEP & DEPEKY

(Greek E&P)

ELDA

(Aspropyrgos Refinery)

ESSO- PAPPAS

(Thessaloniki Refinery)

1998 1960 – 1998 2003 2007 2008 2009 2013

Elpedison: 50/50 JV with Italy’s Edison, in Power Libyan upstream concessions sold to GDF Suez for $170m

2010

Thessaloniki Refinery upgrade completed Sale of 70% stake in

W. Obayed upstream

concession in Egypt Acquisition of BP’s Ground Fuels business in Greece Merger with Petrola Hellas Elpedison’s 2nd CCGT Plant (420MW) in commercial operation Shareholding events Listing of new Group in ASE/LSE Greek Government announces its intention to divest its shareholding in ELPE

2011

DEPA privatisation process at final stage Elefsina upgraded refinery commercial

peration

POIH becomes strategic investor with 25% stake

Float 22% Greek State 36% POIH 42%

2012

SLIDE 31

Summary Group Structure1

30

HELLENIC PETROLEUM

EKO S.A. (and subsidiaries)

HPI AG

HELLENIC FUELS S.A. HP SERBIA LTD HP BULGARIA LTD HPMCYPRUS LTD JPK

ELPET VALKANIKI Shipping companies ELPEDISON B.V2 HPF plc (treasury)

Domestic Marketing International Marketing

DEPA Group

Gas supply, transportation & distribution

50%

Power Generation & Trading

Asprofos S.A.

Engineering Services PetChems (BOPP film)

DIAXON S.A. 35%

Gas & Power associates 63%

VARDAX OKTA

(1) All companies 100% owned unless otherwise noted (2) 45% owned through HPI

International Refining Others 80% 82%

SLIDE 32

€ million, IFRS (Published) 2004 2005 2006 2007 2008 2009 2010 2011 2012 Income Statement Figures Sales Volume (MT)- Refining 15,807 16,525 16,952 17,130 16,997 15,885 14,557 12,528 13,532 Sales Volume (MT)- Marketing 4,793 4,727 4,790 5,236 4,910 4,787 5,735 5,126 4,434 Net Sales 4,907 6,653 8,122 8,538 10,131 6,757 8,477 9,308 10,469 EBITDA 372 671 502 617 249 390 501 335 298 Adjusted EBITDA* 400 466 526 458 513 362 474 363 444 Net Income 128 334 260 351 24 175 180 114 84 Adjusted Net Income* 149 191 277 232 216 150 205 137 232 EPS (E) 0.42 1.09 0.85 1.15 0.08 0.57 0.59 0.37 0.28 Adjusted EPS (€)* 0.49 0.62 0.91 0.76 0.71 0.49 0.67 0.45 0.76 Balance Sheet / cash Flow Items Capital Employed 2,335 2,956 3,442 3,557 3,153 3,927 4,191 4,217 4,350 Net Debt 386 699 1,044 977 679 1,419 1,629 1,687 1,855 Capital Expenditure 295 185 145 195 338 614 709 675 521 Dividend (€/share) 0.26 0.43 0.43 0.50 0.45 0.45 0.45 0.45 0.15 Key drivers Brent crude ($/bbl) 38.0 55.2 68.1 72.9 98.3 62.6 80.3 111.0 111.7 FCC cracking Med margins ($/bbl) 7.2 7.3 7.3 7.1 6.8 3.7 4.4 2.9 4.7 €/$ 1.24 1.24 1.26 1.37 1.47 1.39 1.33 1.39 1.29 31

Group Key financials: 2004 - 2012

Strong track record of consistent delivery and balance sheet resilience

(*) Calculated as Reported less the Inventory effects and other one-off non-operating items and special income taxes

SLIDE 33

32

1Q 2013 GROUP KEY FIGURES

(*) Calculated as Reported less the Inventory effects and other non-operating items, including deferred tax charge due to tax rate increase

FY € million, IFRS 1Q 1Q 2012 2012 2013 Δ% Income Statement 13,532 Sales Volume (MT) - Refining 3,315 2,986

10%

4,434 Sales Volume (MT) - Marketing 1,161 862

26%

10,469 Net Sales 2,716 2,241

17%

298 EBITDA 108

12
120

EBIT 68

72
38

Associates' share of profit 20 32 59% 158 EBIT (including Associates' share of profit) 88

41
84

Net Income 71

78
444

Adjusted EBITDA * 76 38

49%

335 Adjusted EBIT * (including Associates) 55 10

82%

232 Adjusted Net Income * 45

21
Balance Sheet / Cash Flow

4,350 Capital Employed 4,866 4,623

5%

1,855 Net Debt 2,257 2,188

3%

518 Capital Expenditure 80 10

87%

SLIDE 34

33

RESULTS HIGHLIGHTS

1Q performance affected by heating gasoil sales drop and slower Elefsina ramp-up

1Q12 Adjusted EBITDA at €38m (-49% y-o-y) reflects the negative impact of domestic market

demand drop (mainly HGO driven) on refining and retail business as well as the slower Elefsina ramp-up and contribution to profits

Reported results were affected by inventory losses on declining prices at the end of 1Q

(reversed since then) as well as higher depreciation and financing costs; EBITDA was reported at €-12m and NI at €-78m. One-off impact on deferred taxation from corporate tax rate increase to 26% at €11m

Refinancing completion and successful first Eurobond issuance for €500m in May address any

funding and liquidity issues allowing us to focus on delivering value from our new investment and optimising our supply chain

Net Debt at €2.2bn, reduced y-o-y, with Gearing (D/CE) at 47%. Positive pre WC cashflow as

Capex reverts to maintenance mode

DEPA privatisation at final stages, with binding offers expected in June. A successful

transaction on the €582m BV asset will accelerate deleveraging, achieving Group objective for Gearing of 35-40% well ahead of the 3-year plan

SLIDE 35

1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45 1.50 1.55 1.60 €/$ 31/03/13 1.28 31/12/12 1.32 20 40 60 80 100 120 140 160 $/bbl 31/03/13 $110,02 31/12/12 $111.11

34

INDUSTRY ENVIRONMENT

Crude oil price tracking macro volatility; Eurozone developments weakened € vs $

€/$ exchange rate ICE Brent ($/bbl)

Crude oil prices

declined on negative macros and developments in the second half of 1Q

Political developments

in euro-zone countries and the Cyprus banking crisis led € lower vs $

2012 2013 FY 1.29 1.32 1Q 1.31 1.32 2012 2013 FY 111.7 112.6 1Q 118.3 112.6

SLIDE 36

5.9 4.2 4.3 6.4 6.9 5.4 4.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0

2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13

2.9 3.8 6.5 6.3 2.2 4.7 4.1 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13

20.0
15.0
10.0
5.0

0.0 2012 2013

36.0
26.0
16.0
6.0

2012 2013

1.0

4.0 9.0 14.0 2012 2013

35

INDUSTRY ENVIRONMENT

Improved FCC margins on gasoline recovery; Hydrocracking flat y-o-y

Med FCC Cracking benchmark margins ($/bbl)

Med Gasoline cracks ($/bbl) Med ULSD cracks ($/bbl)

Med Hydrocracking benchmark margins ($/bbl)

Med HSFO cracks ($/bbl) Med Naphtha cracks ($/bbl)

10.0 15.0 20.0 2012 2013

SLIDE 37

36

SEGMENTAL RESULTS OVERVIEW 1Q 2013

Strong Petchems performance and sustained international marketing partly offset domestic market decline and slower Elefsina ramp-up

Adjusted EBITDA evolution 1Q12 – 1Q13 (€m)

Refining, S&T MKT Chems Other (incl. E&P)

1 56 35 21 13 8 4 8 6 14

2

1

1

1Q 12 Refining Marketing Petchems Other 1Q 13

76 38

‐63% ‐67% 72%

SLIDE 38

37

1Q 2013 FINANCIAL RESULTS

GROUP PROFIT & LOSS ACCOUNT

(*) Includes headcount reduction in 2012

FY IFRS FINANCIAL STATEMENTS

1Q

2012 € MILLION 2012

2013

Δ % 10,469 Sales 2,716 2,241

(17%)

(9,934) Cost of sales (2,551) (2,218)

13%

535 Gross profit 165 24

(86%)

(408) Selling, distribution and administrative expenses (99) (100)

(1%)

(4) Exploration expenses (0) (1)

(4)

Other operating (expenses) / income - net* 2 5

120

Operating profit (loss) 68 (72)

(54)

Finance costs - net (11) (47)

11

Currency exchange gains /(losses) 18 (1)

38

Share of operating profit of associates 20 32

59%

114 Profit before income tax 95 (89)

(33)

Income tax expense / (credit) (24) 6

81

Profit for the period 71 (83)

3

Minority Interest 5

84

Net Income (Loss) 71 (78)

0.28

Basic and diluted EPS (in €) 0.23 (0.25)

298

Reported EBITDA 108 (12)

SLIDE 39

38

1Q 2013 FINANCIAL RESULTS

GROUP BALANCE SHEET

IFRS FINANCIAL STATEMENTS FY

1Q

€ MILLION 2012

2013

Non-current assets Tangible and Intangible assets 3,708

3,655

Investments in affiliated companies 646

677

Other non-current assets 137

143

4,492

4,476

Current assets Inventories 1,220

1,246

Trade and other receivables 791

990

Cash and cash equivalents 901

411

2,912

2,647

Total assets 7,404

7,123

Shareholders equity 2,376

2,320

Minority interest 121

115

Total equity 2,497

2,434

Non- current liabilities Borrowings 383

917

Other non-current liabilities 222

216

605

1,133

Current liabilities Trade and other payables 1,920

1,850

Borrowings 2,375

1,684

Other current liabilities 7

22

4,301

3,556

Total liabilities 4,907

4,689

Total equity and liabilities 7,404

7,123

SLIDE 40

39

FY 2012 FINANCIAL RESULTS

GROUP CASH FLOW

FY IFRS FINANCIAL STATEMENTS 1Q

1Q

2012 € MILLION 2012

2013

Cash flows from operating activities 558 Cash generated from operations (495)

(276)

(34) Income and other taxes paid (2)

(1)

524 Net cash (used in) / generated from operating activities (496)

(277)

Cash flows from investing activities (518) Purchase of property, plant and equipment & intangible assets (80)

(10)

Acquisition of BP (Hellenic Fuels)
4

Sale of property, plant and equipment & intangible assets

1

2 Sale of subsidiary

Grants received
13

Interest received 4

2

(1) Investments in associates

9

Dividends received

(491)

Net cash used in investing activities (76)

(7)

Cash flows from financing activities (67) Interest paid (15)

(45)

(140) Dividends paid

(2)
Securities held to maturity
683

Proceeds from borrowings 100

776

(591) Repayment of borrowings (65)

(933)

Payments to minority holdings from share capital decrease

(115)

Net cash generated from / (used in ) financing activities 20

(204) (82)

Net increase/(decrease) in cash & cash equivalents (552)

(488)

985 Cash & cash equivalents at the beginning of the period 985

901

4 Exchange losses on cash & cash equivalents (2)

(2)

(89) Net increase/(decrease) in cash & cash equivalents (552)

(488)

901 Cash & cash equivalents at end of the period 431

411

SLIDE 41

40

(*) Calculated as Reported less the Inventory effects and other non-operating items

1Q 2013 FINANCIAL RESULTS

SEGMENTAL ANALYSIS

FY 1Q

2012 € million, IFRS 2012

2013

Δ%

Reported EBITDA

210 Refining, Supply & Trading 93

34
44

Marketing 9

9

1% 47 Petrochemicals 8

14

71% 300 Core Business 110

11
2

Other (incl. E&P)

2
1

35% 298 Total 108

12
89

Associates (Power & Gas) share attributable to Group 62

31

49%

Adjusted EBITDA (*)

345 Refining, Supply & Trading 56

21

63%

53 Marketing 13

4

67%

47 Petrochemicals 8

14

71% 444 Core Business 77

39

49%

Other (incl. E&P)

2
1

32% 444 Total 76

38

49%

121 Associates (Power & Gas) share attributable to Group 62

31

49%

Adjusted EBIT (*)

244 Refining, Supply & Trading 35

22
6

Marketing

2
9
29

Petrochemicals 4

10

267

Core Business 37

21
2

Other (incl. E&P)

2
1

29% 265 Total 36

22
87

Associates (Power & Gas) share attributable to Group 46

23

49%

SLIDE 42

41

1Q 2013 FINANCIAL RESULTS

SEGMENTAL ANALYSIS – II

FY 1Q

2012 € million, IFRS 2012

2013

Δ%

Volumes (M/T'000)

13,532 Refining, Supply & Trading 3,315

2,986

10%

4,434 Marketing 1,161

862

26%

348 Petrochemicals 87

68

22%

18,314 Total - Core Business 4,564

3,916

14%

Sales

10,154 Refining, Supply & Trading 2,687

2,097

22%

3,868 Marketing 1,003

742

26%

371 Petrochemicals 91

80

12%

14,393 Core Business 3,781

2,918

23%
3,924

Intersegment & other

1,065
677

36% 10,469 Total 2,716

2,241

17%

Capital Employed

1,101 Refining, Supply & Trading 1,101

2,869

840

Marketing 840

900

7% 144 Petrochemicals 144

139

3%

2,085 Core Business 2,085

3,908

87% 1,590 Refinery Upgrades 1,590

100%

646 Associates (Power & Gas) 646

677

5% 29 Other (incl. E&P) 29

37

28% 4,350 Total 4,866

4,623

5%

SLIDE 43

42

Disclaimer

Forward looking statements Hellenic Petroleum do not in general publish forecasts regarding their future financial

results. The financial forecasts contained in this document are based on a series of

assumptions, which are subject to the occurrence of events that can neither be reasonably foreseen by Hellenic Petroleum, nor are within Hellenic Petroleum's control. The said forecasts represent management's estimates, and should be treated as mere

estimates. There is no certainty that the actual financial results of Hellenic Petroleum

will be in line with the forecasted ones. In particular, the actual results may differ (even materially) from the forecasted ones due to, among other reasons, changes in the financial conditions within Greece, fluctuations in the prices of crude oil and oil products in general, as well as fluctuations in foreign currencies rates, international petrochemicals prices, changes in supply and demand and changes of weather conditions. Consequently, it should be stressed that Hellenic Petroleum do not, and could not reasonably be expected to, provide any representation or guarantee, with respect to the creditworthiness of the forecasts. This presentation also contains certain financial information and key performance indicators which are primarily focused at providing a “business” perspective and as a consequence may not be presented in accordance with International Financial Reporting Standards (IFRS).